Financial Instruments Owned And Financial Instruments Sold, But Not Yet Purchased

12 Months Ended

Dec. 31, 2014

Financial Instruments Owned And Financial Instruments Sold, But Not Yet Purchased [Abstract]

Financial Instruments Owned And Financial Instruments Sold, But Not Yet Purchased

NOTE 7–  Financial Instruments Owned and Financial Instruments Sold, But Not Yet Purchased

The components of financial instruments owned and financial instruments sold, but not yet purchased, at December  31, 2014 and 2013, are as follows (in thousands):

	December 31,
	2014		2013
Financial instruments owned:
U.S. government securities	$	58,992	$	10,594
U.S. government agency securities		101,439		80,835
Mortgage-backed securities:
Agency		159,057		267,933
Non-agency		13,366		22,570
Corporate securities:
Fixed income securities		245,909		201,579
Equity securities		77,548		76,709
State and municipal securities		130,544		141,274
	$	786,855	$	801,494
Financial instruments sold, but not yet purchased
U.S. government securities	$	146,592	$	253,221
U.S. government agency securities		10,029		-
Mortgage-backed securities:
Agency		28,067		37,201
Non-agency		4,556		-
Corporate securities:
Fixed income securities		293,008		100,745
Equity securities		105,013		90,015
State and municipal securities		-		32
	$	587,265	$	481,214

At December  31, 2014 and 2013,  financial instruments owned in the amount of $425.1 million and $687.0 million, respectively, were pledged as collateral for our repurchase agreements and short-term borrowings.

Financial instruments sold, but not yet purchased, represent obligations of our company to deliver the specified security at the contracted price, thereby creating a liability to purchase the security in the market at prevailing prices in future periods. We are obligated to acquire the securities sold short at prevailing market prices in future periods, which may exceed the amount reflected in the consolidated statements of financial condition.